11 Questions
What is the main objective of business?
To generate profit
Which activity is considered as an example of agricultural production?
Cultivating food-grains on a piece of land
What is included in the process of distribution in business?
Warehousing and advertising
Which statement best describes the role of business in society?
Business satisfies multiple and complex needs of society
What distinguishes manufacturing from agricultural production in business?
Usage of machines
What is the main difference between economic and non-economic activities?
Economic activities involve money transactions, whereas non-economic activities do not involve money transactions.
Why is stitching done by a mother considered a non-economic activity?
Because the mother does not receive any money for her stitching work.
Which of the following is NOT an example of a non-economic activity?
Cooking at a restaurant
What defines an economic activity according to the text?
Involves production of goods for monetary benefits
Why is tailoring considered an economic activity?
Tailors provide services in exchange for money.
How are economic activities essential for individuals according to the text?
To earn livelihood and satisfy needs
Learn about economic activities, the difference between economic and non-economic activities, and the concepts of business and profession in this chapter quiz.
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